Petition To President Bush And Congress

We the undersigned have read and agree with the open letter at http://market-ticker.denninger.net/letters/open-letter.pdf which has been faxed to you by its originator, Karl Denninger.

We believe that Congress and The President must act immediately in order to regain financial stability in our capital markets and economic stability in our nation.

The intentional acts of malfeasance and willful neglect by our lawmakers, legislators, the Executive and those organizations chartered by same must end here and now or we shall face a financial catastrophe unseen in the United States since The Great Depression.

Specifically, we recognize this willful neglect as the cause of and hold you accountable for:

• The incessant “pumping” of financial assets and home values as a “replacement” for actual gains in purchasing power, all built upon the fraudulent premise that “cheap and easy credit” can be extended forever, and in ever-greater amounts, without consequence. This is the root cause of the housing crisis. It is also responsible for the inevitable wave of defaults and personal financial destruction that will be experienced in our nation.
• The belief that contraction of house prices to historical affordable levels, as a consequence of this financial bubble popping, can be avoided. It cannot, and attempting to interfere with this process will only further damage our economy and the financial security of our nation and citizens.
• The concept that we can “tax and spend our way to prosperity”, when nothing of the sort has ever worked before nor will it work in the future.
• The belief that we can offshore our production of goods without consequence and replace those jobs with “financial engineering”, when in fact what has happened is that our wages fell while those of other nations rose, and the alleged “gains” via financial engineering have been proven to be false.
• The claim of financial regulatory authority followed immediately by the willful abdication of that responsibility, allowing rampant fraud and ever-increasing amounts of leverage to be substituted for actual gains in productive output – in short, your willful participation in an enormous global Ponzi Scheme which is now in the process of collapse - at the citizens' expense.
• The ongoing destruction of financial security for the middle class and those on fixed incomes as a direct and proximate consequence of global loss of confidence in our currency and its impact on all imported goods, especially energy. The rapidly increasing cost of energy cannot be isolated as petroleum cost ultimately shows up in everything since oil is used in the manufacturing and transportation of nearly all goods.

We call up on Congress and The Executive to immediately force those agencies under its jurisdiction, including but not limited to OFHEO, OCC, OTS and The Federal Reserve to perform their proper and stated regulatory functions through both public pronouncement and appropriate legislation.

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We have 394 confirmed signatures on the petition at the present time.